financing in Upstate New York

Financing, Hard Money Lenders, Private Money
1

Hi all,
I live in Rochester, New York and rehabbing homes with my wife. I own my primary residence free and clear worth around $130K and paid $55K cash for another home that we are currently rehabbing with an ARV of $105K.

In order to succeed in this business of rehabbing homes we recognize we have to be able to buy the next property at about the same time we put the current property on the market. This would enable us to close on about 4 of these a year. We have about $30 in the bank and 730 to 760 credit score, but will have a difficult time proving income because of the nature of this business. Is a line of equity on our primary residence possible or would I be able to get financing for another project home? Thank you for any help you can provide. Chris

2

I definitely think a heloc will be advantageous.

There’s several programs for NY that can fund rehab deals.

More info is needed to determine which lenders will work.

3

and paid $55K cash for another home that we are currently rehabbing with an ARV of $105K.

With your credit score and a clear deed to the home you are renovating you will be able to get a cashout refinance no doc stated income loan easily…You have a decent credit score and assets and another home free and clear (primary residence)…I just did this and the rate was %6.125 on a 2 family…Oh and I did this upstate NY also,not that far from Rochester…